Solana Price Drops 18% as SEC Scrutiny Hits Staking ETFs

Solana price dropped 3% in the intraday session, facing resistance at the 50-Day EMA.
Total open interest (OI) for SOL declined from $3.20 billion to $2.87 billion.
Despite uncertainty, Polymarket odds for a Solana ETF approval exceed 80%.
The month of June has just begun, and the Solana price is struggling near a resistance zone, and in the intraday session, it bled 3%, facing rejection from the 50-Day EMA band.
The bearishness intensified when on May 30th SEC raised shocking concerns over the legality of two proposed staking ETFs from a firm known as REX Shares and Osprey Funds.
This shock halted investors’ activity, and even derivatives data had seen a decline, including total SOL OI and funding rates. The growing pessimism indicates that the market in the short term is headed south until bullish forces intervene.
The US SEC on Friday, .